Economic Momentum Weakens as US Enters the New Year
As the Federal Reserve signals its intention to raise interest rates soon to battle rising inflation, it’s been easy to overlook how well the economy performed over the past year — and especially during the final quarter.
Real gross domestic product by a seasonally adjusted annual rate of 6.9% in the fourth quarter of 2021, according to the Bureau of Economic Analysis. That marked the fastest pace of growth since the massive bounce back from the pandemic-induced recession in the third quarter of 2020, and faster than in any quarter prior to the pandemic since the second quarter of 2000.
For the entire year, real GDP ended 5.7% higher in 2021 compared to 2020, the highest rate of growth since 1984.
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